Shares of PB Fintech surged 10.6% to touch a record high at INR 1,544.15 during the intraday trading on the BSE on Monday
Shares of Policybazaar parent touched a 52-week high last week after Citi Group increased its price target on the stock to INR 1,600 from INR 1,435 earlier
The company posted a consolidated net profit of INR 60.2 Cr in Q4 FY24 and has seen its shares zoom over 91% year to date
Continuing last week’s rally, shares of PB Fintech surged 10.6% to touch a record high at INR 1,544.15 during the intraday trading on the BSE on Monday (July 1).
The shares of the parent entity of insurtech major PolicyBazaar
have been on an uptrend since last week. On June 27, PB Fintech shares touched a 52-week high at INR 1,415 on the BSE.
The jump was followed by the Citi Group increasing its price target on the stock to INR 1,600 from INR 1,435 earlier. As per reports, the brokerage increased the target citing PB Fintech’s strong business momentum and the successful execution of its ‘phygital’ strategy.
Citi expects the company to reflect sustained growth in fresh retail health and term insurance premiums in the first quarter of FY25, along with a continued improvement in point-of-sale margins.
Overall, the stock had gained 4.6% last week.
After touching a fresh all-time high today, the stock pared some gains and ended the session 8.7% higher at INR 1,517.2 on the BSE.
It is also pertinent to note that Morgan Stanley also picked PB Fintech as one of its top stock choices in its internet coverage last week.
The fintech major posted a consolidated net profit of INR 60.2 Cr in Q4 FY24 as against a loss of INR 9.3 Cr in the previous year’s quarter. Its operating revenue saw over a 25% rise on a year-on-year (YoY) basis to INR 1,089.6 Cr in the quarter.
Shares of PB Fintech have rallied over 91% year to date.
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